Berkshire Hathaway 2004 Annual Report Download - page 27

from a year earlier). Every year has set a new record, and on Saturday of last year, we had the largest
single-day sales in NFM’ s history – $6.1 million.
To get the discount, you must make your purchases between Thursday, April 28 and Monday,
May 2 inclusive, and also present your meeting credential. The period’ s special pricing will even apply to
the products of several prestigious manufacturers that normally have ironclad rules against discounting but
that, in the spirit of our shareholder weekend, have made an exception for you. We appreciate their
cooperation. NFM is open from 10 a.m. to 9 p.m. Monday through Saturday, and 10 a.m. to 6 p.m. on
Sunday. On Saturday this year, from 5:30 p.m. to 8 p.m. we are having a special affair for shareholders
only. I’ ll be there, eating barbeque and drinking Coke.
Borsheim’ s – the largest jewelry store in the country except for Tiffany’ s Manhattan store – will
have two shareholder-only events. The first will be a cocktail reception from 6 p.m. to 10 p.m. on Friday,
April 29. The second, the main gala, will be from 9 a.m. to 4 p.m. on Sunday, May 1. On Saturday, we
will be open until 6 p.m.
We will have huge crowds at Borsheim’ s throughout the weekend. For your convenience,
therefore, shareholder prices will be available from Monday, April 25 through Saturday, May 7. During
that period, just identify yourself as a shareholder through your meeting credentials or a brokerage
statement.
Borsheim’ s operates on a gross margin that is fully twenty percentage points below that of its
major rivals, even before the shareholders’ discount. Last year, business over the weekend increased 73%
from 2003, setting a record that will be tough to beat. Show me it can be done.
In a tent outside of Borsheim’ s, Patrick Wolff, twice U.S. chess champion, will take on all comers
in groups of six – blindfolded. Additionally, we will have Bob Hamman and Sharon Osberg, two of the
world’ s top bridge experts, available to play with our shareholders on Sunday afternoon. They plan to keep
their eyes open – but Bob never sorts his cards, even when playing for a national championship.
Gorat’ s – my favorite steakhouse – will again be open exclusively for Berkshire shareholders on
Sunday, May 1, and will be serving from 4 p.m. until 10 p.m. Please remember that to come to Gorat’ s on
that day, you must have a reservation. To make one, call 402-551-3733 on April 1 (but not before). If
Sunday is sold out, try Gorat’ s on one of the other evenings you will be in town. Enhance your reputation
as an epicure by ordering, as I do, a rare T-bone with a double helping of hash browns.
We will again have a special reception from 4:00 to 5:30 on Saturday afternoon for shareholders
who have come from outside of North America. Every year our meeting draws many people from around
the globe, and Charlie and I want to be sure we personally greet those who have come so far. Last year we
enjoyed meeting more than 400 of you including at least 100 from Australia. Any shareholder who comes
from other than the U.S. or Canada will be given a special credential and instructions for attending this
function.
* * * * * * * * * * * *
Charlie and I are lucky. We have jobs that we love and are helped every day in a myriad of ways
by talented and cheerful associates. No wonder we tap-dance to work. But nothing is more fun for us than
getting together with our shareholder-partners at Berkshire’ s annual meeting. So join us on April 30th at the
Qwest for our annual Woodstock for Capitalists.
February 28, 2005 Warren E. Buffett
Chairman of the Board
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